- DUBAI: Standard & Poor’s Ratings Services on Tuesday placed its “BBB-“ long-term and “A-3” short-term counterparty credit ratings on Al Baraka Banking Group B.S.C.
- (ABG) on creditwatch with negative implications.
The creditwatch placement follows rating actions taken on Tunisia, Egypt, Jordan, and Bahrain, in which the group operates. With total assets of $15 billion on Sept. 30, 2010, ABG and its various subsidiaries comprise a large Islamic banking group, primarily engaged in retail and corporate banking, and operating in MENA countries.